WebVMC Engages Provident Healthcare Partners to Accelerate Market Penetration of Virtual Disease Management Solution
Posted on: Wednesday, 7 March 2007, 09:02 CST
WebVMC, developer of the first comprehensive technology system for disease management, announced that it has retained Provident Healthcare Partners, a middle-market investment banking and advisory firm, to provide strategic consultancy services in support of WebVMC's growth in the rapidly expanding field of virtual medical care.
Founded in 2003, WebVMC has achieved significant growth since inception and continues to set record sales levels month over month.
"Teaming up with Provident Healthcare Partners allows us to focus on market expansion and evaluate key business development opportunities throughout the U.S. and abroad," says WebVMC's President and Chief Technology Officer Scott Sheppard. "The firm's staff of seasoned professionals has extensive experience in delivering tremendous value through years of healthcare investment banking services. Additionally, leveraging Provident's CEO-level relationships, proprietary research and its state-of-the-art ValueBase technology will help us develop and successfully implement strategic initiatives which will expedite our growth."
"It's very exciting to be working with an industry leader such as WebVMC. This company is currently the only firm offering true virtual disease management tools that connect patients and caregivers 24 hours a day, seven days a week, resulting in unprecedented interest in its services. The robust nature of their technology solution provides for adaptability and customization across the spectrum of the healthcare industry," said Bob Ciardi, Managing Partner of Provident Healthcare.
"Our strategy is to facilitate the expansion of WebVMC's presence in both the national and global markets. With a veteran senior management team, cutting edge technology, and strong financial resources, WebVMC is poised to become the dominant player in the evolving telehealth market," added Ciardi.
The Wall Street Journal reports that sales of telehealth products are projected to grow from $461 million in 2005 to over $2.5 billion in 2010, spurred by the burgeoning healthcare needs of aging Americans, almost half of whom suffer from a chronic illness. Managing the health of these patients is a major challenge due to a serious shortage of healthcare workers and rising healthcare costs.
"Virtual medical care is the solution to these challenges, due to the cost-effectiveness of remote disease management tools, and the changing reimbursement practices to healthcare providers," says Bill Behnke, Chief Development Officer, WebVMC. "Provident has already opened many doors for WebVMC, and with their expertise we will be able to deliver a full-circle virtual disease management solution to many more customers."
About WebVMC
WebVMC provides virtual healthcare technology using the Internet to manage care for the person with a chronic illness, connecting the patient, caregiver and clinician for 24/7 disease management from any location in multiple healthcare delivery systems including home care, hospitals and assisted living facilities. With innovative capabilities, such as audio tracks, touch-screen access and instant messaging, WebVMC's products are user-friendly, comprehensive solutions that cost-effectively manage patients with chronic illness for better health status and better quality of life. For more information about WebVMC, visit www.webvmc.com, or contact Bill Behnke, 210.240.9400, billbehnke@webvmc.com.
About Provident Healthcare Partners, LLC
Provident Healthcare Partners, LLC is a Boston-based investment bank comprised of senior-level healthcare and corporate finance professionals with in-depth knowledge and extensive experience across the healthcare spectrum. The firm offers one-on-one strategic advisory services to high growth companies seeking improved market positioning and expansion opportunities by leveraging Provident's vast resources. Provident has successfully completed numerous M&A and Private Placement transactions as well. More information about the Company may be found at www.providenthp.com or contact Provident Healthcare Partners at (617) 742-9800.
Source: Business Wire
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